Refinancing of Acquisition Finance of Vodafone K.K (8950K)
July 22 2011 - 5:43AM
UK Regulatory
TIDM56ID
RNS Number : 8950K
Softbank Corp
22 July 2011
July 22, 2011
Refinancing of Acquisition Finance of Vodafone K.K. (2)
SOFTBANK CORP. (hereafter "the Company") announces that today it
executed a loan agreement that totals JPY 550.0 billion with 17
financial institutions in Japan and overseas. This is according to
"Refinancing of Acquisition Finance of Vodafone K.K." issued on
July 1, 2011.
SOFTBANK MOBILE Corp. repaid JPY 369.4 billion on July 27, 2011
and will plan to pay JPY 284.5 billion on October 27, 2011 to pay
off the funds it procured associated with the acquisition
(acquisition finance), with the funds procured by this loan and its
funds in hand.
1. Impact on the consolidated statements of income for the
fiscal year ending March 31, 2012
The Company expects to record approximately JPY 23.0 billion as
non-operating expenses and approximately JPY 22.0 billion as
special loss in the consolidated statements of income for the
fiscal year ending March 31, 2012. This includes costs associated
with 1) abovementioned loan and 2) the repayment of the acquisition
finance (cancel fee for interest hedge and prepayment premium,
etc.).
2. Others
With this refinance the Company expects to significantly reduce
its interest burden; however it is difficult to reasonably estimate
the reduction amount as of today.
There is no change in the SOFTBANK Group's target of reducing
its consolidated net interest-bearing debt as of the end of March
2009 by half over three years (as of the end of March 2012), and to
zero over six years (as of the end of March 2015).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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